v3.26.1
DEBT SECURITIES INVESTMENTS - Schedule of Investments in Debt Securities and Beneficial Interests (Details) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Mortgage-Backed Securities, At Fair Value      
Debt securities, available-for-sale, allowance for credit loss $ 0 $ 0  
Debt securities HTM at amortized cost, net of allowance for credit losses of $0      
Gross Unrealized Losses (1,796,000) (2,077,000)  
Total investments, basis 273,920,000 462,938,000  
Total investments, gross unrealized gains 9,948,000 10,571,000  
Total investments, gross unrealized losses (36,832,000) (43,919,000)  
Total investments, fair value 247,036,000 429,590,000  
CMBS, at fair value      
Mortgage-Backed Securities, At Fair Value      
Basis 84,268,000 273,421,000  
Gross Unrealized Gains 170,000 596,000  
Gross Unrealized Losses (73,000) (234,000)  
Fair Value 84,365,000 273,783,000  
RMBS AFS, at fair value      
Mortgage-Backed Securities, At Fair Value      
Basis   48,810,000  
Gross Unrealized Gains 478,000 648,000  
Gross Unrealized Losses (293,000) (218,000)  
Fair Value 47,990,000 49,240,000  
Debt securities      
Debt securities HTM at amortized cost, net of allowance for credit losses of $0      
HTM, allowance for expected credit losses 0 0  
Basis 39,623,000 41,528,000  
Gross Unrealized Gains 0 0  
Gross Unrealized Losses (1,582,000) (1,210,000)  
Fair Value 38,041,000 40,318,000  
Investment in beneficial interests      
Mortgage-Backed Securities, At Fair Value      
Debt securities, available-for-sale, allowance for credit loss 0.0 0  
Basis 102,224,000 99,179,000  
Gross Unrealized Gains 9,300,000 9,327,000  
Gross Unrealized Losses (34,884,000) (42,257,000)  
Fair Value 76,640,000 66,249,000  
Debt securities HTM at amortized cost, net of allowance for credit losses of $0      
HTM, allowance for expected credit losses 0    
RMBS      
Mortgage-Backed Securities, At Fair Value      
Debt securities, available-for-sale, allowance for credit loss 0   $ 0
Basis 189,652,000 189,517,000  
Gross Unrealized Gains 9,778,000 9,975,000  
Gross Unrealized Losses (36,759,000) (43,685,000)  
Fair Value $ 162,671,000 $ 155,807,000